Monday, March 1, 2010

Euro

Another abc up on the euro, with c=a (pretty much). Taking out this mornings low, a .76 retrace of the c, will strengthen the case for fresh lows.

There is serious long term retrace support at 1.34 as .618 of the B wave up from 1.23 to 1.5140.

It IS possible to interpret the move off that 1.51 high as being a series of 1.2's of ever decreasing degree.

So what this thing does at 1.34 will be really critical, as the potential for an unfolding series of 3 waves on a move through the 1.34 is certainly present. That would be characteristic of the "'moment of recognition" often associated with a 3.

About Me

I have been applying Elliott Wave Theory to energy markets as a broker and as a trader for commercial entities since 1983.
This blog is merely my personal musings on various wave structure's and NOT any kind of trading recommendation or suggestion.